BUSINESS COLLEGE

What is the specific eight-digit Codification citation (XXX-XX-XX-X) that describes the information about loans and trade receivables that is to be disclosed in the summary of significant accounting policies?

Answers

Answer 1
Answer:

Answer: FASB ACS 310-10-50-2: “Receivables—Overall—Disclosure—Accounting Policies for Loans and Trade Receivables.

Explanation:

For the purposes of establishing standard frame of referencing for for items such as articles, textbooks, and other similar items, the FASB uses an 8 digit codification cititation format that works in the following way.

i. Topics — FASB ASC 310 to access the Receivables Topic

ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310

iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10

iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"

The specific eight-digit Codification citation that describes the information about loans and trade receivables that is to be disclosed in the summary of significant accounting policies is,

FASB ACS 310-10-50-2: “Receivables—Overall—Disclosure—Accounting Policies for Loans and Trade Receivables.
Answer 2
Answer:

The specific eight-digit codification citation should be FASB ACS 310-10-50-2.

Information of FASB:

Here FASB applied an 8 digit codification citation format that works in the following way.

i. Topics — FASB ASC 310 to access the Receivables Topic

ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310

iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10

iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"

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What is an advantage of taking out a long-term loan instead of a short-termloan?

A. A long-term loan usually requires a low debt-to-income ratio.

B. A long-term loan usually has a lower total cost.

C. A long-term loan usually has a lower interest rate.

D. A long-term loan usually requires no credit check.

Answers

One of the major advantages of taking a long-term loan is that a long-term loan usually has a lower interest rate. Therefore (C) is the correct option.

What is a long-term loan?

A long-term loan is a financial instrument with a one-year maturity. Both private and public institutions are accepting applications for this loan. Collateral is generally needed for long-term loans.

The loan's interest rate is lower than that of a short-term loan because it must be repaid over a three-to ten-year period.

Therefore, (C) is the correct option.

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Assuming the cost of direct materials used is $1,500,000, compute the total manufacturing costs using the information below. Raw materials inventory, January1 $ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,500,000 Direct labor 690,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000.

Answers

Answer:

$2,960,000

Explanation:

Raw Material Used in production:

= Raw Material Inventory Beginning + Purchases of Raw Material - Raw Material Inventory Ending

= $30,000 + $1,500,000 - $60,000

= $1,470,000

Total Manufacturing Cost:

= Raw Material Used in production + Direct Labor + Manufacturing Overhead applied to Work in process

= $1,470,000 + $690,000 + (225,000 + 75,000 + 500,000)

= $1,470,000 + $690,000 + $800,000

= $2,960,000

Two firms, A and B, each currently dump 50 tonnes of chemicals into the local river. From now on both firms will require a pollution permit for each tonne of pollution dumped into the river. The government gives each firm 20 tonnes’ worth of pollution permits, which it can either use or sell to the other firm. It costs Firm A $100 for each tonne of pollution that it eliminates before it reaches the river, and it costs Firm B $50 for each tonne of pollution that it eliminates before it reaches the river. What is likely to happen?

Answers

Answer:

10 fewer tons of pollution into the river and Firm B will dump 50 fewer tons of pollution into the river.

Explanation:

Firm B will SELL ALL of its allotted 20 permits, and clean up all of its 50 units of pollution. The price per permit will be above $50 each. Firm A will BUY ALL 20 of B's permits. It will then dump 40 tons into the water, and will clean up its remaining 10. The price it pays for a permit will be under $100.

Answer:

Firm B will sell all its permits to Firm A  i.e ( lesser chemical dumps into the river )

Explanation:

Firm B will rather sell all its 20 tonnes worth of pollution permit to firm A because it would cause Firm B lesser than Firm A when they dispose off their wastes before it gets to the River hence they will rather dispose off their waste rather than paying/purchasing pollution permits while

Firm A will buy out all of Firm B's allotted pollution permits to reduce the number of tonnes they would dispose off before getting to the river. this is because it would cause them more when they dispose off their waste before getting it to the river. hence the End product of the whole arrangement will be  Chemical dumps into the River will be reduced drastically to 40 overall instead of 100 due to the cost of dumping permits.

Job Costing Budgeted Manufacturing Overhead Rate, Allocated Manufacturing Overhead Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,000 Actual manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. ​If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017. 3 Calculate the amount of under- or overallocated manufacturing overhead. a. Enter your answer as a positive value.

Answers

Answer:

1. Budgeted manufacturing overhead rate = Budgeted manufacturing overhead costs / Budgeted machine-hours

Budgeted manufacturing overhead rate = $3,800,000 / 200,000

Budgeted manufacturing overhead rate = $19

2. The manufacturing overhead allocated during 2017 = Actual machine-hours * Budgeted manufacturing overhead rate

Manufacturing overhead allocated = 196,000 * $19

Manufacturing overhead allocated =$3,724,000

3. Manufacturing overhead costs over-allocated = Manufacturing overhead allocated during 2017 - Actual manufacturing overhead costs

Manufacturing overhead costs over-allocated = $3,724,000 - $3,660,000

Manufacturing overhead costs over-allocated = $64,000

What role should government play in a free market economy?

Answers

Economists, however, identify six major functions of governments in market economies. Governments provide the legal and social framework, maintain competition, provide public goods and services, redistribute income, correct for externalities, and stabilize the economy.

Answer: Stabilize the economy

Explanation:

You are a U.S. investor who purchased British securities for 2,340 pounds one year ago when the British pound cost $1.52. No dividends were paid on the British securities in the past year. Your total return based on U.S. dollars was __________ if the value of the securities is now 2,440 pounds and the pound is worth $1.61.

Answers

Answer:

Total Return = 10.45%

Explanation:

To calculate the return, we must first determine the appreciation in the value of the securities in terms of the US dollar.

The initial investment in terms of US dollar was of,

Initial Investment in USD = Investment in Pounds * Exchange rate

Initial Investment in USD = 2340 * 1.52

Initial Investment in USD = $3556.8

The current value of the investment in terms of USD is,

Current value of investment in USD = 2440 * 1.61

Current value of investment in USD = $3928.4

The formula to calculate total return is,

Total Return = (Current Value - Initial Value) / Initial Value

So, the total return based on US dollars was:

Total return  = (3928.4 - 3556.8) / 3556.8

Total Return = 0.10447 or 10.447% rounded off to 10.45%

Final answer:

The total return for the U.S. investor in U.S. dollars is a profit of $371.60, calculated by assessing the change in the value of British securities from 2,340 to 2,440 pounds and considering the exchange rate shift from $1.52 to $1.61 per pound.

Explanation:

The question involves calculating the total return for a U.S. investor based on the change in the value of British securities and exchange rates. The investor originally purchased British securities for 2,340 pounds at an exchange rate of $1.52 per pound. One year later, the securities are worth 2,440 pounds, and the exchange rate is $1.61 per pound. The initial U.S. dollar investment would have been 2,340 pounds × $1.52 = $3,556.80. The value of the securities in U.S. dollars after one year is now 2,440 pounds × $1.61 = $3,928.40.

This results in a profit of $3,928.40 - $3,556.80 = $371.60, which represents the investor's total return based on U.S. dollars.
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